Peapack-Gladstone Financial Corporation Receives Moody's Investment Grade Rating Confirmation

Peapack-Gladstone Financial Corporation and its banking subsidiary, Peapack-Gladstone Bank, have received confirmation of their investment grade ratings from Moody's Investors Service following a comprehensive review initiated in June. Moody's affirmed the Baa3 long-term local currency issuer rating for the holding company and the baa2 baseline credit assessment for the bank, while changing the outlook on long-term ratings to 'stable' from 'ratings under review'. This confirmation matters significantly as it provides external validation of financial strength during a period when investors and depositors are increasingly examining banking institutions' health.

The rating agency's decision resulted from an extensive review of business fundamentals and financial conditions, highlighting several key factors. Moody's noted the corporation's sustained solid capital position as a crucial buffer against potential risks, while recent improvements in funding and liquidity profiles were deemed adequate to mitigate the bank's risk profile. Particularly noteworthy was the recognition of successful efforts to strengthen funding and liquidity over the past year, with the agency emphasizing that the overall funding structure remains a credit strength. The deposit base demonstrated resilience during the 2023 regional banking crisis, underscoring stability in challenging market conditions.

Douglas L. Kennedy, President and CEO of Peapack-Gladstone Financial Corporation, expressed satisfaction with the confirmation, stating it reflects the strength of the company's current strategy and business model. This rating confirmation carries important implications for stakeholder confidence, as investment grade ratings provide assurance about creditworthiness and financial stability. The timing is particularly relevant given current economic conditions where financial institutions face heightened scrutiny.

This Moody's confirmation follows similar recognition from Kroll Bond Rating Agency, which affirmed investment grade ratings for both entities in May 2024. Dual recognition from prominent rating agencies strengthens the company's financial credibility in the marketplace. As of June 30, 2024, Peapack-Gladstone Financial Corporation reported total assets of $6.51 billion and assets under management and/or administration of $11.5 billion. The company operates through its commercial bank, Peapack-Gladstone Bank, and wealth management division, Peapack Private, offering customized wealth management, investment banking, and commercial and retail solutions. Additional information about the company and its services is available at www.pgbank.com and www.peapackprivate.com, while the full Moody's report can be accessed at moodys.com.